FRC publishes discussion paper on the future of corporate reporting
08 Oct 2020
The UK Financial Reporting Council (FRC) has published a discussion paper proposing a future for corporate reporting based on a principles-based framework.
The discussion paper outlines a blueprint for a more agile approach to corporate reporting which challenges existing thinking about how companies can more effectively meet the information needs of investors and other stakeholders.
Proposals include:
- unbundling the existing purpose, content, and intended audiences of the current annual report by moving to a network of interconnected reports;
- a new common set of principles that applies to all types of corporate reporting;
- objective-driven reports that accommodate the interests of a wider group of stakeholders, rather than the perceived needs of a single set of users;
- embracing the opportunities available through technology to improve the accessibility of corporate reporting; and
- a model that enables reporting that is flexible and responsive to changing demands and circumstances.
Comments on the discussion paper are invited by 5 February 2021.
Please click for more information and access to the discussion paper and related documents on the FRC website. The FRC also offers a launch event on 11 November 2020 to present an overview of key aspects of the consultation paper. Please click for more information here.